OHLA - rotating

OHLA:

- We will be are re-allocating the proceeds from the oncoming bond redemption to re-build our bond position in the name. We continue to like the prospects of rising infrastructure spending on either side of the Atlantic, which OHL should be able to take advantage of with their improving funding relationships with banks.

- Meanwhile, development assets are proving their / rising in value. We consider the realistic exposure from litigation - notably from Qatar - to be manageable.

- The bonds are yielding approx. 10% into 25/26 and should continue their post-reorg rise towards par. The aim is to re-build a 5% of NAV position in those bonds, so we are buying an extra 1% now.

- For that reason, we will also add another 1% of NAV to build out our OHLA equity position to a total of 3.5% of NAV.